In order to pay their expenses in light of the escalation of the crisis of the high cost of living, nearly three-quarters of European consumers lowered their spending on necessities of daily life, including food.
According to Bloomberg News Agency, a new survey released today, Monday, revealed that 71% of consumers in six key European markets have already significantly altered their purchasing routines in an effort to adjust to inflation rates that have reached historically high levels for four decades.
An iRA report for data analysis and market research revealed that 58% of consumers reported that they had already reduced the necessities of necessities, with their personal savings decreased by 35%, in addition to obtaining loans to pay their bills.
Given the likelihood of higher prices due to the high costs and fluctuating energy prices, it is “obvious that consumers’ desire to spend” is falling.
The stress brought on by the tremendous inflation that the European consumer was experiencing, Roy added, “imposes a set of adaption behaviours that we have not seen since the seventies and eighties of the last century.”
It is worth noting that the high food, fuel and energy prices have undermined the budgets of families throughout Europe, while the stopping of Russian energy shipments pushing the families and the industry sector to prepare for possible interruptions during the winter season.
According to the European Statistics Office (Euro Stat), the euro area’s inflation rate surpassed 10% in September of last year, which is the highest level since the adoption of the single currency (the euro)..
The Europeans remind me of 1970s shopping customs.
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